I'm not sure how you want the objects to wiggle, but one way to achieve this effect is to create many poses, and adjust the Global Scale for the objects. By changing the Scale value from big to small, and vice versa, you will start getting the wiggle effect.

With Layer Cycling, you would be changing the shape of the Illustrator object from layer to layer. Then when you load the Illustrator file as a Layer Cycling Object, it will play the animation using the layers from Illustrator.

what I mean is letting part of a text wiggle or 'swing' like it's hanging...
I'm not sure if this is clear, but this would mean the top of the text is not moving, and just the bottom is wiggling forward and backward and after a while comes to a stop.

From your descriptions, you'll want to use the Warping feature in ProAnimator version 5. This allows you to bend your text. By setting Warp Poses/Transitions, you can bend part of the Text back and forth, and you should be able to get the effect you're looking for. To add a Warp Track, select your Object Track, go to the Track Commands, and select "Add Warp Track".